[61Q Calculation of deemed direct payment]
Income Tax (Earnings and Pensions) Act 2003 (2003 c 1) | Legislation

[61Q  Calculation of deemed direct payment]

[(1)     The amount of the deemed direct payment is the amount resulting from the following steps—

Step 1
Identify the amount or value of the chain payment made by the person who is treated as making the deemed direct payment, and deduct from that amount so much of it (if any) as is in respect of value added tax.

Step 2
Deduct, from the amount resulting from Step 1, so much of that amount as represents the direct cost to the intermediary of materials used, or to be used, in the performance of the services.

Step 3
Deduct, at the option of the person treated as making the deemed

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